Summary
As organizations grow in size and scale, their business models become increasingly complex. As organizations grow into newer geographies and delve into newer projects, vast troves of information are accessed, analyzed, shared, stored and discarded. Some decisions work very much in favour of organizations while others fail. What happens to this knowledge when either of that happens?The failures are quickly forgotten and not enough is learnt from the causes leading to the failure. In most organizations today, there is no single dedicated group or function that looks into maintaining a knowledge repository of past experiences and leveraging the insights from these experiences when pursuing ventures similar to those in the past. Given the limited "failure" business stories in the business school cases, the idea is to setup a core group within every organization whose mandate is to act as the treasure trove of past experiences, causes of failure and every bit of data that is available within the organization to help take better, informed and objective decisions in the future.
November 17, 2011 at 2:46pm
Learning from the mistakes and failure is something which should be done in every organization. In eCommerce company, if project did not perform as expected or there is bad response from customer. We do root cause analysis and find the problem which lead to this situation or failure. This can be done by the project team, management and with some experts. They already maintain domain specific data about the project completion, issues and failures. This really works and helps for future project so that we can ensure same mistake is not repeated again.
- Log in to post comments
You need to register in order to submit a comment.